San Mateo County Employees' Retirement Association Minutes of the Regular Meeting of the Board of Retirement. April 24, 2012 Agenda Item 4.

Transcription

1 April 24, 2012 Agenda Item Call to Order, Roll Call and Miscellaneous Business 2.0 Oral Communications 2.1 Oral Communications From the Board 2.2 Oral Communications From the Public 3.0 Approval of the Minutes March 27, 2012 Board Agenda 4.0 Approval of the Consent Agenda (Any items removed from the Consent Agenda for discussion will be inserted into the Regular Agenda and considered in the order chosen by the board chair.) Disability Retirements Member Account Refunds o Jeffrey Kosmala Member Account Rollovers Service Retirements Continuances Deferred Retirements 5.0 Benefit & Actuarial Services 5.1 Consideration of agenda items, if any, removed from the Consent Agenda 6.0 Investment Services (There is no investment committee meeting this month) 6.1 Acceptance of the Preliminary Monthly Portfolio Performance Report 6.2 Ratification of the execution of agreement with Emergence Capital Partners III L.P. 6.3 Approval of Investment Management Agreement with Baillie Gifford Overseas Limited 7.0 Board & Management Support Services 7.1 Acceptance of the Monthly Financial Report 7.2 Approval of Amendments to SamCERA s Conflict of Interest Code 7.3 Approval of Estimated Employer Contribution Amount for Fiscal Year 2012/ Discussion of SamCERA s Sources, Uses & Budget for Fiscal Year 2012/ Report on the Status of SamCERA s Annual Board Retreat on April 24 & 25, Management Reports 8.1 Chief Executive Officer's Report 8.2 Assistant Executive Officer s Report 8.3 Chief Investment Officer s Report 8.4 Chief Legal Counsel's Report CLOSED SESSION The board may meet in closed session prior to adjournment C1 Consideration of disability items, if any, removed from the Consent Agenda and appropriate for closed session 9. Report on Actions Taken in Closed Session 10. Adjournment March 27, 2012 Regular Meeting Minutes Page 1 of 5

2 March 27, 2012 Board Minutes Call to Order: Mr. David, Chair, called the Public Session of the Board of Retirement to order at 1:00 p.m Roll Call: Present: Ms. Arnott, Mr. David, Mr. Tashman, Ms. Agnew, Mr. Hackleman, Ms. Salas (for Mr. Spinello) and Mr. Murphy. Mr. Bowler and Ms. Kwan Lloyd arrived after roll was called. Excused: Ms. Settles and Mr. Spinello. Staff: Mr. Hood, Mr. Clifton, Ms. Carlson, Ms. Smith, Ms. Wong and Ms. Perez. Consultants: Mr. Thomas and Mr. Shooshani from Strategic Investment Solutions Oral Communications From the Board: Mr. David presented Gary Clifton with a resolution from the Board commemorating Mr. Clifton s career and achievements at SamCERA. Mr. Clifton thanked the Trustees and staff. Mr. David extended an invitation for everyone to enjoy cake and coffee after the meeting. Mr. Hackleman reported on his attendance at the CALAPRS General Assembly on March 4-6; other staff and Board members Ms. Arnott, Ms. Salas, Mr. Spinello and Ms. Settles were also in attendance. Ms. Agnew reported her attendance at a conference on real assets Oral Communications From the Public: None Approval of the Minutes: Ms. Arnott requested an addition be made to the February 28 minutes on item , clarifying that applications received were for the Chief Investment Officer position. Action: Ms. Arnott moved to approve the minutes from the regular meeting held on February 28, 2012 with the noted addition, and to approve the minutes of the special meeting held on March 15, The motion was seconded by Ms. Salas, and carried unanimously Approval of the Consent Agenda: Mr. David asked if there were any items to be removed from the consent calendar, there were none. Action: Mr. Hackleman moved to approve the following items listed on the consent agenda. The motion was seconded by Ms. Agnew and carried unanimously. Consent Agenda Disability Retirements The Board found that Jeffery Kosmala is (1) unable to perform his usual duties as a Carpenter, (2) found that his disability is service-connected and (3) granted his application for a service-connected disability retirement. Service Retirements Effective Retirement Date Department Ramos, Leticia January 5, 2012 Def'd from San Mateo Med Ctr Armenta, Cathy January 6, 2012 Def'd from Treasurer/Tax Collector Mabubay, Melinda January 6, 2012 Plan 3 Only Ho, Maggie January 7, 2012 Dept. of Child Support Services Jew, Vanessa January 7, 2012 Human Services Agency Sundar, Roshini January 7, 2012 Dept. of Child Support Services Schmeidel, Cheryl January 12, 2012 Plan 3 Only Lunny, Raymond January 28, 2012 Sheriff s Office Curran, Florencia January 30, 2012 Def'd from District Attorney March 27, 2012 Regular Meeting Minutes Page 2 of 5

3 Service Retirements (Continued) Effective Retirement Date Department Devoy, Michael January 31, 2012 Def'd from District Attorney Calivo, Kathleen February 1, 2012 Human Services Agency Hennen, Patrice February 1, 2012 QDRO of Hennen, Joseph Quinlan, Gerald February 1, 2012 Sheriff s Office Continuances Survivor s Name Burnett, Deborah Giannini, Celeste Koelling, Betty Mack, Stephen Deferred Retirements Durand, Lori Zialcita, Patricia Member Account Refunds Lucero, Gilbert Mathews, Jeffrey May, April May, Gina May Joseph Newbury, Jennifer Nunez-Avila, Aracela Orbeta, Cristina Orbeta, Ricardo Orbeta, Roberto Wenceslao, Priscilla Member Account Rollovers Aguilar, Paolo Helena, Eric Leddy, Linda Lopez, Marian Paul, Adam Beneficiary of Burnett, Charles Giannini, Roland Koelling, Ervin Mack, Joan 3 Non-vested - Reciprocity G2 Vested Benefit & Actuarial Service Consideration of Agenda Items, if any, removed from the Consent Agenda: No items were removed from the Consent Agenda. Investment Services March 27, 2012 Regular Meeting Minutes Page 3 of 5

4 Presentation of the Preliminary Monthly Portfolio Performance Report: Mr. Clifton presented the monthly performance report to the Board. With no objections noted, the report was accepted. Asset Class Market Value 1-Month 1-year TTWRR* 5-year TTWRR* Domestic Equity 957,234, International Equity 382,805, Total Equity 1,340,039, Private Equity 12,652, Risk Parity 151,726, Hedge Fund 69,270, Fixed Income 601,939, Real Estate 142,552, Aggregate Commodities 71,972, Cash Equivalents 39,325, TOTAL FUND 2,429,479, Benchmark Ratification of the Execution of an Agreement with Emergence Capital Partners III L.P. Mr. Faraz Shooshani, from Strategic Investment Solutions, presented the report on Emergence Capital Partners and answered questions from Board members. Action: Mr. Bowler moved to adopt a resolution ratifying the execution of an agreement with Emergence Capital Partners III L.P. for private equity investment management services, and authorizing the Chief Investment Officer to take all actions necessary to initiate, implement and monitor the agreement. The motion was seconded Mr. Hackleman and carried unanimously Approval of Investment Management Agreement with Baillie Gifford Overseas Limited Mr. Clifton presented the staff report, stating the Board had approved an agreement with Baillie Gifford in February. He explained after Board approval and prior to execution of the document, Baillie Gifford had requested changes to the conditions of the agreement; and the revised agreement is being presented for Board approval at this meeting. Board members discussed the changes with Mr. Clifton. Action: Mr. Bowler moved to adopt a adopt a resolution approving the agreement with Baillie Gifford and Company, and authorizing the Board Chair, the Vice Chair and the Chief Executive Officer to execute the agreement. The motion was seconded by Ms. Agnew and carried unanimously Board & Management Support Services Acceptance of the Monthly Financial Report Ms. Wong presented the monthly financial report to the Board. With no objections noted, the report was accepted Approval of Amendments to SamCERA s Conflict of Interest Code Ms. Carlson presented the staff report. She explained the minor changes in SamCERA s Conflict of Interest Code, which will clarify the language regarding identification by designated consultants of which of their staff will be Form 700 filers. Action: Ms. Agnew moved to approve the amendments to SamCERA s Conflict of Interest Code. The motion was seconded by Mr. Tashman and carried unanimously. March 27, 2012 Regular Meeting Minutes Page 4 of 5

5 Approval of Estimated Employer Contribution Amount for Fiscal Year 2012/2013 Ms. Wong presented the staff report. She discussed the County s prepayment and discounted rate and answered questions from Board members. With no objections noted, the report was accepted Discussion of SamCERA s Sources, Uses & Budget for Fiscal Year 2012/2013 Ms. Wong gave Board members an update on staff s work on the FY 2012/2013 budget. This item was for discussion only and no action was taken Report on the Status of SamCERA s Annual Board Retreat on April 24 & 25, 2012 Mr. Hood went over the agenda for the upcoming retreat with the Board members. He noted that staff members of the County Manager s and Controller s offices will be sitting in on portions of the retreat. He further noted that there is time built into the retreat schedule for open discussion Management Reports Chief Executive Officer/ AEO s Report: 8.2 Mr. Hood reminded Board members to file their Form 700 statements by April 2. He updated the Board on the work of the succession committee, stating interviews for the CIO position would be held April 18 and 19. Mr. Hood announced several upcoming events and noted more information could be found in the day of meeting folders Chief Investment Officer s Report: None Chief Legal Counsel s Report: Ms. Carlson reported that she is working with Colin Bishop, Retirement Communications Specialist on revising member forms and pamphlets addressing several issues including divorce and splitting member benefits and purchasing of service credit. CLOSED SESSION C1 Consideration of disability items, if any, removed from the Consent Agenda and appropriate for closed session: None Report on Actions Taken in Closed Session: There was no closed session Adjournment in Memory of Deceased Members: There being no further business, Mr. David adjourned the meeting at 1:32 p.m., in memory of the following deceased members: Merritt, Lester January 6, 2012 Beneficiary of Merritt, Bertha Nelson, Janet January 18, 2012 Social Services De La Vega, Bruno January 31, 2012 Aging & Adults Services Jensen, Olga February 8, 2012 Public Health Alaimo, Robert February 11, 2012 Public Works Barauck, Alice February 14, 2012 Behavioral Health Howell, Mavis February 16, 2012 Coroner Orbeta, Ireneo February 19, 2012 Health Services Woodward, Billie February 23, 2012 Probation Willemsen, Johanna February 25, 2012 Behavioral Health Pierce, Veronica February 29, 2012 Behavioral Health Scott Hood Assistant Executive Officer Kristina Perez Retirement Executive Secretary March 27, 2012 Regular Meeting Minutes Page 5 of 5